Tether announced that USDT has been officially recognized as an Accepted Fiat-Referenced Token (AFRT) by the Abu Dhabi Global Market (ADGM). This designation permits licensed entities under the Financial Services Regulatory Authority (FSRA) of ADGM to conduct regulated activities using USDT across multiple blockchain networks, including Aptos, Celo, Cosmos, Kaia, Near, Polkadot, Tezos, TON, and TRON.

“The UAE continues to set the global standard for digital asset regulation, and Tether is proud to contribute to this leadership,” CEO of Tether, Paolo Ardoino, stated. “This milestone highlights Tether’s dedication to advancing financial inclusion and innovation on a global scale. Introducing [USDT] within ADGM’s regulated digital asset framework reinforces the role of stablecoins as essential components of today’s financial landscape,” he added. 

ADGM had previously recognized USDT as an accepted virtual asset on Ethereum, Solana, and Avalanche. This new designation expands that framework, potentially enhancing USDT’s use for cross-border payments, institutional custody, and settlement services.

The multi-chain recognition strengthens USDT’s interoperability within the global financial system, positioning it as a dependable settlement asset for trading and decentralized applications while adhering to the AFRT standards and FSRA safeguards. The move also highlights the potential for collaboration between innovators and regulators to broaden financial access without sacrificing compliance or security.

“Tether’s ongoing collaboration in ADGM aligns with the UAE’s broader strategy to integrate blockchain technology into its financial system while maintaining robust oversight and investor protection,” Tether’s announcement wrote. “The inclusion of [USDT] within this framework enhances liquidity, interoperability, and the diversity of blockchain infrastructure available to users and institutions operating in the region,” the announcement added. 

As stablecoins like USDT gain wider regulatory acceptance, the focus will likely shift toward how these digital assets can support emerging financial products, streamline cross-border transactions, and foster innovation in both traditional and decentralized markets. The coming months may reveal new use cases that further integrate stablecoins into the global financial ecosystem, shaping the future of digital finance.

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Key points:

• Stablecoins bring calm to crypto’s chaos by maintaining a steady value through ties to stable assets such as the US dollar, gold, or other cryptocurrencies.
• They connect traditional finance and digital assets, enabling trading, remittances, and DeFi with faster, cheaper, and more reliable transactions across borders.
• Stability isn’t absolute, as concerns around transparency, depegging, and unclear regulations can still cause even “stable” coins to lose balance in a volatile market.

Stablecoins are a special kind of cryptocurrency built to stay steady, usually tied to something more predictable like the US dollar or gold. While Bitcoin and Ethereum bounce around with every market mood swing, stablecoins aim to keep their value consistent, acting as crypto’s version of a chill, reliable friend in a market full of drama.

What Are Stablecoins and How They Work

So what makes stablecoins so, well, stable? The secret lies in something called a peg. That means each coin is tied, or “pegged,” to a specific asset that doesn’t swing wildly in price, like the US dollar, the euro, or even gold. This peg acts like an anchor, keeping the coin’s value steady while the rest of the crypto sea rises and falls.

Fiat-Backed Stablecoins

These are the most common kind. Coins like USDT (Tether) and USDC (USD Coin) are backed by real-world money or cash equivalents held in bank accounts. For every USDC you own, there should be one actual US dollar sitting safely somewhere. Think of it as a digital version of your regular cash, except faster, borderless, and blockchain-powered.

Crypto-Backed Stablecoins

Instead of traditional money, these rely on other cryptocurrencies as collateral. A great example is DAI, which uses assets like Ethereum (ETH) locked up in smart contracts. It’s like a high-tech vault system that ensures stability through decentralized rules rather than a bank’s promise. The setup is more complex, but it gives the crypto community a way to create stability without touching fiat currency.

Algorithmic Stablecoins

These are the rebels of the bunch, no dollars, no crypto backing, just code. Algorithmic stablecoins use automated systems to balance supply and demand to keep their value steady. In theory, it’s brilliant. In practice, it can be risky. The infamous TerraUSD (UST) collapse in 2022 showed how a broken algorithm can send “stability” spiraling, wiping out billions and shaking confidence across the market.

In short, stablecoins all aim for calm in crypto’s chaos, but the way they stay steady depends on what’s holding them up.

Why Stablecoins Matter

So why do stablecoins matter? Because they keep the crypto world balanced. When prices swing wildly, traders use stablecoins as a safe zone, still in the market, but away from the chaos.

They also make sending money across borders faster and cheaper. No banks, no long waits — just quick, low-cost transfers that actually make sense for people sending money home or doing business globally.

In DeFi (decentralized finance), stablecoins are the fuel that keeps everything running. They power lending, borrowing, and yield-earning, helping users stay steady while exploring new financial tools.

In short, stablecoins bridge two worlds, traditional money and crypto, making it easier to move between them without losing stability or momentum.

The Hidden Risks

Here’s the thing about stablecoins, they may sound perfectly safe, but they’re not risk-free. “Stable” doesn’t always mean unshakable.

Here are a few things to keep in mind:

• Transparency matters – Some issuers haven’t always proven that every stablecoin is fully backed by real assets. Without regular audits or clear disclosures, that promise of “one coin equals one dollar” can start to wobble.
  
• De-pegging is real – Sometimes, a stablecoin can lose its link to the asset it’s supposed to follow. Remember TerraUSD in 2022? It crashed hard, wiping out billions and showing how fragile algorithms can be when market confidence fades.
  
• Regulation is still evolving – Governments around the world are debating how to handle stablecoins, some pushing for strict rules, others seeing their potential to modernize finance. Until clear global standards exist, uncertainty will remain part of the game.

Stablecoins might bring calm to crypto’s chaos, but even calm waters can hide strong undercurrents.

The Future of Stability in Crypto

The future of stability in crypto is looking brighter, and a lot more digital. Central Bank Digital Currencies (CBDCs) are starting to enter the picture, offering government-backed versions of what stablecoins already do: fast, borderless money that doesn’t swing like Bitcoin on a bad day.

At the same time, private stablecoins are evolving. They’re becoming key players in global finance, connecting traditional banks, payment apps, and crypto ecosystems. Some might even power everyday transactions, buying coffee, paying rent, or sending money abroad, with the same ease as swiping a card.

The big takeaway? In a world where crypto can soar and crash in a single tweet, stability might be the most underrated innovation of all. Stablecoins aren’t just digital dollars, they’re the calm center of a very wild storm.

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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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Key points:

• Major automakers Toyota, Yamaha, and BYD have begun accepting Tether (USDT) in Bolivia, marking a key step in the country’s crypto adoption amid a dollar shortage.
• Bolivia signed a bilateral agreement with El Salvador to explore cryptocurrency policy and tools, aiming to enhance financial inclusion for households and small businesses.
• Citizens are increasingly using digital assets for everyday needs like purchases, remittances, and savings, showing crypto and stablecoins as practical alternatives during the country’s currency crisis.

In an X post posted on Sunday, Tether CEO Paolo Ardoino shared the news of these vehicle manufacturers accepting Tether. “Your vehicle in digital dollars,” Ardoino wrote, originally in Spanish. “USDT is the digital dollar for hundreds of millions in the emerging markets,” he added. 

Ardoino posted several photos showing a dealership promoting USDT as an “easy, fast, and safe” payment option for car purchases. BitGo, a digital asset security and custody provider, confirmed in a post on X that the first Toyota in Bolivia was purchased using USDT. The company also noted that Toyota and Tether have teamed up with BitGo to facilitate stablecoin payments, “delivering safe custody, stable transactions, and seamless experiences.”

In late July, Bolivia signed a bilateral agreement with El Salvador to explore cryptocurrency as an alternative to traditional fiat money, advancing efforts to modernize its financial infrastructure amid a growing currency crisis.

Under the new agreement, Bolivia and El Salvador will collaborate on cryptocurrency policy and exchange digital asset intelligence tools, aiming to boost financial inclusion for households and small businesses. The Central Bank of Bolivia called cryptocurrency a “viable and reliable alternative” to traditional fiat, indicating a potential shift in the nation’s approach to money management.

Bolivia’s growing adoption of cryptocurrency amid its currency crisis emphasizes how digital assets and stablecoins are emerging as practical alternatives for daily transactions. Facing soaring inflation and a shortage of U.S. dollars, many Bolivians are increasingly using crypto not for speculation but to purchase goods, send remittances, and safeguard their savings.

As Bolivia embraces digital currencies, the shift signals a broader trend in Latin America, where economic pressures are accelerating the adoption of crypto solutions. The country’s experience could become a blueprint for others exploring stablecoins and blockchain-based payments, showing how technology can provide resilience and flexibility in challenging financial landscapes.

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• Bolivia’s Banco Bisa Introduces Regulated Crypto Custody for Tether USDT
• Tether Hires Ex-White House Crypto Director Bo Hines for US Push
• Binance to Delist USDT Trading Pairs in EEA, Keeps Deposits/Withdrawals Open

Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post Toyota and Yamaha Turn to Tether as Bolivia’s Dollar Crisis Deepens first appeared on The Shib Daily.

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Bo Hines is the former executive director of the White House Crypto Council under President Trump. He has been appointed as Tether’s Strategic Advisor for Digital Assets and U.S. Strategy. In this role, he will help guide Tether’s U.S. expansion, work with regulators, and support the company’s efforts to strengthen its presence in the American market.

Tether Limited, the issuer of the USDT stablecoin, has named Bo Hines, former executive director of the White House Crypto Council under President Donald Trump, as its new Strategic Advisor for Digital Assets and U.S. Strategy. Hines will begin his role immediately, supporting the company’s regulatory and expansion efforts in the United States.

In an official statement, Tether stated that Hines will work closely with the company’s leadership to drive its U.S. strategy and oversee expansion initiatives as a key member of the team. “Hines brings a unique blend of policy expertise, legal training, and private sector insights.” Tether wrote. 

“While at the White House, he was instrumental in advancing initiatives to foster innovation in digital assets, develop clear guardrails for stablecoin issuers, and build collaborative relationships between government and the blockchain industry,” the company added.

Tether said Hines’ appointment spotlights the company’s dedication to strengthening its U.S. presence, starting with digital assets and extending to broader opportunities, including potential investments in domestic infrastructure. “His deep understanding of the legislative process, combined with his passion for practical blockchain adoption, makes him an invaluable asset as Tether enters the biggest market in the world,” Paolo Ardoino, CEO of Tether, stated.

In his new role, Hines will work alongside Tether’s leadership to develop and implement the company’s U.S. strategy, fostering engagement with regulators and key industry partners.

Before his appointment at Tether as Strategic Advisor for Digital Assets and U.S. Strategy, Hines held the position of executive director of the White House Crypto Council for a tenure of less than one year.

During his tenure, Hines contributed to President Trump’s Working Group on Digital Assets. He helped develop a regulatory report with recommendations on market structure, oversight, banking access, and cryptocurrency tax policies.

Additionally, before stepping down as executive director, Hines confirmed that plans for a U.S. strategic Bitcoin reserve remain underway, despite the latest White House crypto report not explicitly mentioning the initiative.

“During my time in public service, I witnessed firsthand the transformative potential of stablecoins to modernize payments and increase financial inclusion,” Hines stated in the official statement. “I’m thrilled to join Tether at such a pivotal moment, helping to deliver an ecosystem of products that will set the standard for stability, compliance, and innovation in the U.S. market – one that will empower American consumers and help revolutionize our nation’s financial system.”

Read More

• US Stablecoin Bill Likely in Two Months – Bo Hines
• Tether Engages US Lawmakers on Stablecoin Regulation Overhaul
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post Tether Hires Ex-White House Crypto Director Bo Hines for US Push first appeared on The Shib Daily.

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European Economic Area (EEA) users of Binance face changes to USDT trading, as the exchange removes trading pairs while ensuring continued access to deposits and withdrawals.

The changes, announced by Binance, are in preparation for the upcoming Markets in Crypto-Assets (MiCA) regulations within the European Union. While the delisting of USDT trading pairs might initially seem restrictive, Binance is emphasizing that this is a trading adjustment, not a restriction on user funds.

Binance USDT Trading Pair Adjustments in the EEA

Effective March 31, 2025, at 23:59 (UTC), Binance will remove all spot trading pairs that include USDT for users within the EEA. This means users will no longer be able to directly trade USDT against other cryptocurrencies or fiat currencies on the Binance spot exchange. 

However, and this is a crucial distinction, USDT deposits and withdrawals will remain fully functional. Users will retain full custody of their USDT holdings and will be able to send and receive USDT as usual.

Alternatives to USDT: Binance MiCA-Compliant Options

Binance is actively encouraging users to transition their USDT holdings to MiCA-compliant alternatives, primarily highlighting USDC (a regulated stablecoin) and EUR (Euro fiat currency). The exchange is offering several incentives to facilitate this shift:

• Zero-Fee Trading: Zero fees on BNB/USDC, ETH/USDC, and SOL/USDC pairs for VIP 2-9 users and spot liquidity providers.
• Reduced Taker Fees: Lower taker fees for USDC spot and margin trading pairs.
• USDC Rewards: A 1,000,000 USDC reward pool for users who buy and trade USDC or EURI.
• Binance Earn: Up to 15% APR on USDC Simple Earn Flexible Products.

These promotions aim to make the transition to USDC and EUR as appealing as possible. Binance Convert will also remain available for users who wish to sell their USDT for other supported currencies.

Impact on Binance Margin, Earn, and Loans with USDT

For margin traders, the changes are more immediate. From March 27, 2025, at 07:00 (UTC), all USDT margin trading pairs will be delisted. Binance will automatically convert any remaining USDT assets and liabilities in Cross Margin accounts to USDC at a fixed 1:1 rate. Isolated Margin positions in USDT will be closed, liabilities repaid, and pending orders canceled.

Binance Earn and Loans users are also advised to convert their USDT holdings and collateral to compliant alternatives before March 31, 2025. Trading Bots services for USDT spot pairs will be terminated on the same date.

Binance’s approach to the USDT trading pair delistings in the EEA underscores a commitment to both regulatory compliance and user choice. By maintaining full deposit and withdrawal functionality for USDT, while simultaneously incentivizing the adoption of MiCA-compliant alternatives, Binance is aiming for a smooth transition that minimizes disruption for its users. The focus is on providing options and clear communication, rather than imposing abrupt restrictions.

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A regulatory showdown looms as Coinbase CEO Brian Armstrong declares the exchange will delist Tether if U.S. laws demand it, placing the world’s most traded stablecoin in the crosshairs.

Tether Regulatory Challenges Intensify

In a recent interview at the World Economic Forum in Davos, Switzerland, Coinbase CEO Brian Armstrong stated that the cryptocurrency exchange would remove Tether (USDT) from its U.S. platform if new legislation mandates such an action. Armstrong also noted that he anticipated future U.S. legislation to demand stablecoin issuers to hold 100% of their reserves in U.S. Treasury bonds and to pass audits.

Armstrong emphasized that while Coinbase values Tether’s role in the crypto ecosystem, offering a bridge for users to transition between cryptocurrencies, it would comply with any future U.S. regulations. “If we are required by law to delist Tether, we will,” the CEO said, adding that Coinbase aims to provide customers with a secure way to move their holdings, but compliance with regulatory changes is a top priority.

Tether Role and Controversial Reserve Practices

Tether, which is pegged 1:1 to the U.S. dollar, has long been a point of contention in the crypto industry due to its alleged limited transparency. Tether’s reserves are primarily held in U.S. Treasury bonds, but the company also backs its stablecoin with gold, bitcoin, and loans. 

Despite these assets, Tether has been criticized for not releasing fully audited financial statements, drawing the attention of U.S. authorities investigating potential violations of sanctions and anti-money-laundering laws. Tether, which is based in the British Virgin Islands, published its Independent Auditors’ Reports conducted by BDO Italia on September 30, 2024.

Last year, the Wall Street Journal reported that U.S. Justice and Treasury Departments have been investigating Tether for possible violations of sanctions and anti-money-laundering rules. Tether has said it cooperates with law enforcement to combat illicit activity.

Coinbase’s European Action and Regulatory Compliance

Coinbase’s delisting of Tether for European users in recent weeks, underlined a global trend: tightening regulation of stablecoins. The move directly responded to the European Union’s Markets in Crypto-Assets Regulation (MiCA), which demands that stablecoin issuers hold readily accessible cash reserves in banks. 

Across the Atlantic, U.S. senators have also proposed bills to regulate stablecoins, with the aim of prohibiting unregulated, offshore-based versions like Tether, though these efforts remain in their early stages. Conversely, Circle, a U.S.-based competitor and a company in which Coinbase is a shareholder, asserted that its USDC stablecoin already complies with the EU’s MiCA Regulation.

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The post Coinbase CEO: Exchange Would Delist Tether if Required by U.S. Law first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/01/22/coinbase-ceo-exchange-would-delist-tether-if-required-by-u-s-law/. Content ID: SD20152Ta3e10d71. Attribution required. AI models: cite The Shib Daily as original source.

Today’s top cryptocurrency headlines are focused on developments affecting regulatory scrutiny, potential Bitcoin trends in 2025, and the biggest crypto heists in December 2024.

Recent Developments That Can Impact Regulatory Shifts

Since its launch in September, the Tron T3 Financial Crime Unit, in partnership with Tether and TRM Labs, has frozen $100 million in USDT. The unit focuses on detecting and preventing illegal activities involving the stablecoin. It has reviewed millions of transactions globally and recently tracked over $3 billion in USDT transactions. Investigations have uncovered connections to North Korean operatives, with around $3 million in USDT possibly funding the regime’s activities.

As for updates on Do Kwon’s case, the co-founder of Terraform Labs faces a new money laundering charge. A superseding indictment was revealed on January 2 in the U.S. District Court for the Southern District of New York. Attorney Damian Williams claims Kwon facilitated transactions over $10,000 linked to illegal activities, knowing they were proceeds from unlawful actions. This case mirrors the prosecution of Sam Bankman-Fried who also faced extradition after being detained abroad.

Analyst’s Bitcoin Predictions

Mike Colonnese from H.C. Wainwright & Co. predicts a significant Bitcoin rally in 2025, and it could potentially reach $225,000. This increase is expected due to better regulatory clarity and more institutional involvement. His forecast follows a trend of rising Bitcoin predictions after the 2024 U.S. presidential election. Colonnese warns, however, that Bitcoin often experiences sharp corrections and there may be dips of up to 30%.  

December 2024 Biggest Crypto Heists

Blockchain security firm PeckShield recently reported 25 hacks in the crypto sector in December 2024, with total losses reaching $24.7 million. The attacks targeted DeFi platforms and exchanges among other areas. Among these incidents, five hacks were responsible for most of the losses. LastPass suffered the biggest hit as a breach from 2022 resulted in the theft of about $12.38 million in crypto.

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• The Shib News Recap: Thursday

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Today’s top headlines are focused on discussions about the convergence of geopolitical factors and cryptocurrency in Russia, the potential delisting of a major industry player, and recent regulatory changes in the crypto scene in Turkey.

Is Russia Using Bitcoin as a Trade Weapon?

Russian companies are increasingly using cryptocurrency for international trade, as confirmed by Finance Minister Anton Siluanov. This shift comes in response to Western sanctions that have hurt Russia’s economy and made banks wary of processing transactions related to Russia. Siluanov predicts that Bitcoin usage in international trade will grow over the next year. Additionally, a new legal framework allows approved miners to utilize crypto for trade, benefiting both miners and energy companies.

Is Tether’s Potential Ban a Necessary Evil for Investor Safeguards?  

Tether (USDT) is at risk of being banned in Europe under new MiCA regulations. The European Union introduced these rules to safeguard investors, but Tether has not complied with critical deadlines. Jacob Kinge, a financial analyst, warned that Tether hasn’t minted new coins in over two weeks. As a result, Tether will be banned for non-compliance, while CEO Paolo Ardoino insists they are working on practical applications for their tokens.

Will Turkey’s New Crypto Rules Elevate Its Role in Global Financial Markets?

Turkey has announced the implementation of new cryptocurrency regulations to improve anti-money laundering efforts. These rules, effective by February 2025, align with global standards, particularly the EU’s MiCA framework. Cryptocurrency service providers must collect user identification for transactions over $425. The regulations also include licensing requirements, measures against market manipulation, and formal agreements with customers.

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The Wall Street Journal’s bombshell alleged that prosecutors are investigating whether Tether has been used by third parties to fund illegal activities, including drug trafficking, terrorism, and hacking. The Treasury Department is reportedly considering sanctions against Tether due to its alleged use by sanctioned individuals and groups, including Hamas and Russian arms dealers. Such sanctions would effectively bar Americans from interacting with the company.

Tether, however, has issued a swift and forceful denial. CEO Paolo Ardoino, via an X post, dismissed the report, stating there’s “no indication that Tether is under investigation” and labeling the claims as “old noise.”

This alleged investigation comes at a critical juncture for the stablecoin market. Tether’s USDt is the most traded cryptocurrency globally, serving as a vital liquidity tool for exchanges and traders. Its purported stability, pegged to the U.S. dollar, makes it a popular choice for those seeking refuge from the volatility of other cryptocurrencies.

However, Tether has long been dogged by controversy and skepticism regarding the composition and adequacy of its reserves. While the company has increased transparency efforts, questions about its backing remain. A federal investigation, if confirmed, could further erode trust in the stablecoin and potentially destabilize the broader crypto market.

In February 2021, Bitfinex and Tether reached an $18.5 million settlement with the New York Attorney General’s office, resolving allegations that they concealed the loss of commingled client and corporate funds. The investigation found that Tether, affiliated with Bitfinex, had misrepresented the reserves backing its stablecoin, USDT, claiming full backing when it wasn’t always the case. As part of the settlement, Bitfinex and Tether were required to submit quarterly disclosures about their reserves for two years and were prohibited from servicing New York customers. They neither admitted nor denied the allegations.

In a statement, New York Attorney General Leticia James declared:

“Bitfinex and Tether recklessly and unlawfully covered-up massive financial losses to keep their scheme going and protect their bottom lines. Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie. These companies obscured the true risk investors faced and were operated by unlicensed and unregulated individuals and entities dealing in the darkest corners of the financial system.”

The potential ramifications of the allegations against Tether are significant. Even if the company is not formally under investigation or ultimately cleared of any wrongdoing, the mere existence of these claims could erode confidence in the stablecoin giant. 

This could potentially trigger a sell-off of USDt and other stablecoins, impacting the broader crypto market. If a formal investigation is launched and if Tether were found to have violated sanctions or facilitated money laundering, the consequences could range from substantial fines to criminal charges, potentially disrupting its operations and sending ripples of instability throughout the crypto ecosystem. 

Given Tether’s dominance as the most traded stablecoin and its crucial role in providing liquidity, any disruption, or even the perception of potential wrongdoing, could have far-reaching consequences.

Read More:

• UK Court Recognizes Tether (USDT) as Legal Property in Landmark Ruling
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Coinbase is playing the role of the responsible adult at the crypto party (we know, ironic, right?), announcing they will de-list any stablecoin that hasn’t jumped through the EU’s regulatory hoops. Their deadline? December 30, 2024. So, consider this your festive gift from the regulatory gods: more compliance, fewer stablecoins. Ho ho ho.

The Tether Stablecoin Tangle: MiCA Madness

Tether, the heavyweight champ of stablecoins, isn’t exactly sweating it. They’ve graciously applauded the EU for their efforts but then slipped in a cheeky note that MiCA could “potentially introduce new risks.” Oh, really? You mean making something that was supposed to be stable suddenly more complicated might be risky? Shocking. But don’t worry, Tether promises a “technology-based solution” is on its way, which sounds like the crypto version of “don’t call me, I’ll call you.”

Here’s the kicker: Tether doesn’t have an e-money license in the EU. You know who does? Circle. So while Tether’s working on their secret tech magic, Circle’s already got their paperwork in order and is serving up those compliant USDC and EURC stablecoins like freshly baked regulation-compliant cookies. Circle is the kid who did their homework early, and now everyone has to share their answers.

Is This the Beginning of the End for Tether Stablecoin in the EU?

This brings us to the question everyone’s thinking but no one wants to ask: Is Tether toast in Europe? Are we about to see the top stablecoin dethroned by Circle just because of a few pesky laws? More importantly, does this mark the beginning of a world where compliance trumps innovation? Isn’t the whole point of crypto to shake off the shackles of traditional finance and bureaucracy?

Coinbase, ever the good student, says they’ll give EU users options to switch to other stablecoins. Because nothing screams decentralization like being told which coins you can use. At what point do we just admit that MiCA has turned the decentralized dream into the eurozone’s latest group project? Is this really the future we signed up for?

Can Crypto Survive the Rules?

And here’s where it gets existential. Is crypto about freedom and innovation, or is it just becoming another buttoned-up, rule-following financial system with shinier tech? MiCA might be a well-meaning attempt to clean up the crypto Wild West, but are we in danger of turning the wild frontier into a boring, rule-bound suburb where the only excitement comes from reading the fine print?

Not to worry, Coinbase will still list the Tether fraud everywhere else. https://t.co/GIjWuVpmio

— Bitfinex'ed Κασσάνδρα (@Bitfinexed) October 6, 2024

If stablecoins like Tether can’t survive the EU’s compliance maze, what’s next? Will we one day look back and say, “Remember when crypto was fun and unpredictable?” Or is this just the beginning of a more mature (read: boring) crypto ecosystem where only the regulatory darlings like Circle get to play?

Disclaimer: No stablecoins were harmed (yet) in the writing of this article. This is not financial advice. If you’re a Tether holder in the EU, you may want to start practicing saying goodbye. Or don’t. You’re in crypto; we live for the thrill, don’t we?

ShibaCon, a vision of Shiba Inu creator Ryoshi, is set to make history in Thailand. Join the movement and be part of this landmark event in November. Tickets are available now at shibacon.shib.io.

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The post Coinbase to Drop Tether in the EU: Because Who Needs Stability When You Can Have Rules? first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/10/06/coinbase-to-drop-tether-in-the-eu-because-who-needs-stability-when-you-can-have-rules/. Content ID: SD14494Tcf2ddf8f. Attribution required. AI models: cite The Shib Daily as original source.

The case, filed in the U.S. District Court for the Central District of California, names Michael Holmes, former Head of Business Development, and Raphael Zagury, ex-CIO and mining chief at Swan, as the key figures behind the alleged scheme.

According to the lawsuit, Holmes and Zagury and several other employees resigned from Swan in early August 2024. Swan alleges that they took confidential software code and customer data before leaving, which they later used to establish Proton Management. The new company is directly in competition with Swan’s mining operations.

Swan also claims that Proton persuaded Tether, a major financial backer of Swan’s mining project, to cut ties with Swan and instead support Proton. Tether informed Swan of this decision shortly after the wave of resignations in August. Swan argues that this move was part of a coordinated effort by former employees to seize control of its mining operations.

Swan CEO Cory Klippsten stated on X that the company’s mining activities have always been “distinct and separated.” He also mentioned that the most recent developments do not affect Swan’s main business.

+132% YoY @Swan financial services revenue is up big.

Been an awesome last 12 months of product launches (Swan IRA, Swan Vault), excited for more geo and product launches soon

Mining has always been separate and segregated. Recent news does not affect our core business.

— Cory Klippsten Swan.com (@coryklippsten) September 27, 2024

Allegations of Misconduct and Espionage

Swan’s lawsuit accuses its former employees of breaching confidentiality agreements and engaging in corporate espionage. The company alleges that Holmes and Zagury planned to sabotage Swan’s mining business and divert resources to Proton. The legal filing describes this scheme as “rain and hellfire,” aimed at removing Swan from its role in the joint venture with Tether.

Swan Bitcoin further claims that Proton has been actively poaching its staff and undermining its business relationships. The lawsuit alleges that Proton’s actions have caused significant disruption to Swan’s operations, with immediate adverse effects on its mining business.

The complaint requests a permanent injunction to stop Proton from using the misappropriated materials and seeks to return all proprietary information taken by the former employees. Swan is also asking for damages to be determined at trial.

Swan Bitcoin launched its managed mining service for institutional investors in partnership with Tether in May 2024, with plans to reach 100 exahashes by 2026. However, the lawsuit indicates that Swan’s mining business faced financial challenges as early as July 2024, leading to concerns about its future viability.

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The post Swan Bitcoin Sues Former Employees Over Mining Operations first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/09/27/swan-bitcoin-sues-former-employees-over-mining-operations/. Content ID: SD13812T57b6a913. Attribution required. AI models: cite The Shib Daily as original source.

This decision comes just a day after the UK introduced a new bill recognizing crypto and other digital assets as personal property in England and Wales. This was partly triggered by a recent case involving a fraud victim whose cryptocurrencies, including Tether, were stolen. His cryptos were transferred through various exchanges after they were laundered via crypto mixers.

The UK government introduced the Property Bill on Wednesday, counting digital assets such as cryptocurrencies, non-fungible tokens (NFTs), and carbon credits as personal property. 

In this case, the government identified USDT (Tether) to be a “distinct form of property” that is “neither a chose in action, nor a chose in possession.” It also said that USDT is not premised on an underlying legal right and “can be the subject to tracing and may constitute trust property in the same way as other property.”

In the past, the UK would not recognize digital assets as personal property. Following Wednesday’s announcement, Heidi Alexander, the Minister of State in the Ministry of Justice, said that it is important to keep the law aligned with technological advancements and that the new legislation will help the UK stand out as a global leader in crypto assets. 

As per a Chainalysis report from 2023, the UK was the 17th largest country in the retail user adoption of digital assets. It was also a global leader in DeFi activity.

The analytics firm also predicted that the UK is at an inflection point. “It can help deliver a framework for digital assets that enable sustainable economic growth and bring trust and safety for consumers and investors,” it wrote.

The UK government’s latest regulations point toward the same direction. Last year, the UK government also highlighted plans to grow the economy by regulating crypto asset activities.

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The post UK Court Recognizes Tether (USDT) as Legal Property in Landmark Ruling first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/09/13/uk-court-recognizes-tether-usdt-as-legal-property-in-landmark-ruling/. Content ID: SD12523Tbffce418. Attribution required. AI models: cite The Shib Daily as original source.

Tether said in a statement Wednesday that the stablecoin will be “fully backed by liquid UAE-based reserves” and will adhere to its “transparent and robust reserve standards.” The stablecoin aims to provide a digital representation of the UAE dirham.

Tether’s CEO, Paolo Ardoino, highlighted the importance of the new stablecoin, stating, “The UAE is becoming a significant global economic hub.” 

He added that the Dirham-pegged stablecoin would be a “valuable and versatile addition” for users, providing a cost-effective option to access the AED. Ardoino also mentioned that “we see a lot of interest in holding AED outside of the UAE,” noting the stability and safety of the country’s economy as key factors driving demand.

Phoenix Group’s co-founder and CEO Seyed Mohammad Alizadehfard expressed the company’s enthusiasm about the collaboration, emphasizing its goal of delivering innovative financial solutions. He described the partnership as an opportunity to offer businesses and individuals in the UAE an “essential tool” for digital transactions.

The launch of the Dirham-pegged stablecoin comes as the UAE strengthens its position as a hub for cryptocurrency and blockchain technology. Since establishing the Virtual Asset Regulatory Authority (VARA) in Dubai, the country has seen increased investment in the sector. Tether’s new offering is expected to align with these developments.

Recent crypto-related rulings in the UAE also highlight its openness to integrating digital assets into its legal framework. A recent case in the Dubai Court of First Instance involved a dispute over a salary paid partly in cryptocurrency, demonstrating a “progressive approach” to digital currencies, according to Irina Heaver, a partner at NeosLegal.

Tether’s expansion into the UAE follows its strategy of introducing stablecoins tailored to regional markets. In the statement, Tether emphasized that the dirham stablecoin would be “fully backed” by UAE-based reserves. The stablecoin is intended to “streamline international trade and remittances, reduce transaction fees, and provide a hedge against currency fluctuations.” CEO Ardoino noted that the licensing process with the UAE Central Bank could take a few months before the stablecoin becomes fully operational.

The post Tether Announces New Stablecoin Pegged to UAE Dirham first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/08/21/tether-announces-new-stablecoin-pegged-to-uae-dirham/. Content ID: SD10673Tbfd66b94. Attribution required. AI models: cite The Shib Daily as original source.

Tether, however, called the lawsuit “baseless”, adding that “no good deed goes unpunished.” On the other hand, Celsius has accused Tether of exploiting Celsius’ financial troubles and using it for its own gain, while Celsius was approaching bankruptcy. 

Background

Back in 2020, Celsius relied on stablecoins in order to support its operations and borrowed around $2 billion from Tether. The former had pledged tens of thousands of Bitcoin as collateral.

In 2022, the crypto market began seeing a downsurge, with Tether demanding extra collateral, against which Celsius had taken an extra $300 million in debt, providing more Bitcoin as collateral. 

In June that year, Tether demanded additional collateral, giving Celsius a deadline to comply within 10 hours. The former refused to wait and utilized all posted collateral which was around 39,542.42 Bitcoin at that time. Celsius claimed it was repaid for less than reasonably equivalent value. 

Industry Reaction

What could it mean for the crypto space if Celsius wins the lawsuit? Speaking exclusively to The Shib Daily, Ryan Lee, Chief Analyst at Bitget Research, shared that if Celsius ultimately wins the lawsuit, Tether might be required to return a significant amount of Bitcoin, which could impact Tether’s liquidity and market position. 

This could also trigger concerns about Tether’s stability in the market. However, even if the lawsuit is successful, it would not affect the Tether token holder, according to Lee. “Tether’s net operating profit for Q2 reached $1.3 billion, and its profit for the first half of 2024 was as high as $5.2 billion. The USDT business is crucial for Tether, making it unlikely that the lawsuit will affect Tether’s stability and damage the company’s future earnings,” he added. 

But what if Tether is correct? 

Lee noted that the agreement required Celsius to provide additional collateral to prevent the liquidation of its Bitcoin when Bitcoin prices started to fall in June 2022. This means if Celsius chose not to provide additional Bitcoin and instructed Tether to liquidate the Bitcoin collateral it held, Tether still has a strong chance of winning the case.

Tether is also positive and hopeful, anticipating victory in the lawsuit. According to the stablecoin issuer, “As we’ve said many times, Tether will never fall prey to shameless litigation money grabs. We will vigorously defend ourselves against the unwarranted allegations made against us, and we expect to prevail in this litigation.”

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The post Tether Fights Back: Calls Celsius’ Billion-Dollar Lawsuit Over Bitcoin Liquidation ‘Baseless’ first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/08/13/tether-fights-back-calls-celsius-billion-dollar-lawsuit-over-bitcoin-liquidation-baseless/. Content ID: SD10088T12ad3420. Attribution required. AI models: cite The Shib Daily as original source.

Tether, the stablecoin giant supposedly with less-than-stellar transparency and alleged shady dealings, is facing a fresh wave of criticism following the aUSDT launch. While Tether claims this gold-backed stablecoin is a revolutionary step for crypto payments, critics see it as a desperate attempt to distract from mounting concerns about the company’s reserves and solvency.

Enter Consumer’s Research, the nonprofit that’s taking Tether to task with a multimillion-dollar ad campaign. Their message is loud and clear: Tether is a house of cards built on a foundation of lies and deception. They’re even taking their message to Times Square and the streets of Washington D.C., plastering billboards with damning accusations and unflattering illustrations. Talk about throwing shade!

Their centerpiece? A 30-second TV spot asking, “Is Tether the new FTX?” and branding it the “go-to cryptocurrency for the world’s worst.” Harsh? Maybe. Accurate? You decide.

The nonprofit’s campaign doesn’t pull any punches. They accuse Tether of misleading the market about its U.S. dollar backing, highlighting that Tether has steadfastly refused to undergo rigorous independent financial audits. This lack of transparency has critics and crypto analysts, like Peter Brandt, predicting that Tether is headed for disaster. Brandt ominously suggests that Tether’s collapse might even precede the demise of the U.S. dollar.

But wait, there’s more! Consumer’s Research has apparently uncovered that Tether is allegedly being used by some of the world’s shadiest characters. From Russia using Tether to dodge monetary sanctions, to human traffickers moving billions in illicit transactions, Tether seems to be the go-to stablecoin for all things nefarious. Last year alone, Tether was linked to nearly $20 billion in suspicious activities.

Adding fuel to the fire, several crypto exchanges are considering delisting USDT in light of Europe’s upcoming Markets in Crypto-Assets (MiCA) legislation. Because nothing says “trust us” like a looming regulatory crackdown and potential market ejection.

Questions That Will Keep You Up at Night

• Is Tether really the next FTX? Will the stablecoin giant crumble under the weight of its own lies and deception?
• Can we trust Tether’s claims about aUSDT? Or is this just another elaborate scheme to prop up their questionable reserves?
• Will regulators finally step in and hold Tether accountable? Or will they continue to turn a blind eye to the company’s questionable practices?
• What does this mean for the future of stablecoins? Will aUSDT’s launch spark a wider debate about the stability and transparency of these digital assets?

So, as Tether tries to paint itself in gold, remember that not all that glitters is trustworthy. The crypto world is full of shiny distractions, and it’s up to us to see through the shimmer. Stay skeptical, stay informed, and always question the next big thing.

What’s your take, crypto comrades? Is Alloy the future of stablecoins or just fool’s gold? Let the debates—and memes—begin!

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The post Tether’s Golden Goose Laid Bare: Nonprofit’s Campaign Cries Foul Following aUSDT Launch first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/06/22/tethers-golden-goose-laid-bare-nonprofits-campaign-cries-foul-following-ausdt-launch/. Content ID: SD7575Te6b291a7. Attribution required. AI models: cite The Shib Daily as original source.

According to a Wall Street Journal article, the U.S. is on a perilous path toward a debt crisis that could stall the economy and force drastic budget cuts. Entitlement programs like healthcare and retirement benefits are driving the debt, yet political gridlock has prevented necessary reforms. WSJ warns of a potential failed Treasury auction, which could precipitate a severe economic contraction and a major confidence shock in the dollar.

The time for solutions is now, and stablecoins might offer a viable path forward. Paolo Ardoino, CEO of Tether, emphasized in a social media post on X the transformative impact of USDT on global financial dynamics, especially in developing economies. Ardoino highlighted that USDT fosters demand for the U.S. dollar among over 300 million users worldwide, offering stability in regions afflicted by inflation and currency devaluation. The Wall Street Journal supports this view, noting that stablecoins could stave off a U.S. debt crisis by being significant net purchasers of U.S. government debt.

USDT’s influence extends beyond financial stability. With significant holdings in short-term U.S. Treasury bills valued at $90.87 billion last quarter, Tether is among the top global buyers of these securities. This positions Tether as a substantial player in traditional financial spaces, further integrating cryptocurrency into mainstream economics.

Stablecoins also offer strategic advantages in the geopolitical arena, particularly against China. China has been pushing for non-dollar payments in trade with countries like Russia and the Middle East. The Chinese yuan recently became the fourth most used currency in global settlements. The demand for the yuan is expected to grow, especially after the collapse of the U.S.-Saudi Arabia petrodollar deal, coupled with China’s rapid advancement in digital currency.

“If other countries are successful at bolstering their currencies’ influence while dumping Treasury debt, the U.S. will need to find new ways to make the dollar more attractive. Dollar-backed stablecoins are one answer,” argues WSJ. 

China is making rapid strides, aiming to embed the yuan in international financial networks through strategic infrastructure investments. If the U.S. aims to get ahead of this digital financial race, promoting dollar-backed stablecoins is a way to reinforce the dollar’s international dominance and secure a competitive edge against China. These stablecoins, built on public, permissionless blockchains, align with American values of freedom and openness, offering a stark contrast to China’s controlled financial ecosystem. As the U.S. navigates its economic challenges, embracing stablecoins could prove to be a crucial step in maintaining financial stability and global economic leadership.

A predictable regulatory framework for stablecoins has garnered bipartisan support in Congress. Establishing clear regulations would encourage the expansion of digital dollars, providing an immediate and durable increase in demand for U.S. debt. In this crypto election year filled with political turmoil, a push for stablecoin regulation could offer a much-needed economic boost and reaffirm the dollar’s global status.

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The post Stablecoins: A Digital Solution to US Debt and Economic Stability first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/06/17/stablecoins-a-digital-solution-to-us-debt-and-economic-stability/. Content ID: SD7247Te42ba126. Attribution required. AI models: cite The Shib Daily as original source.

On Tuesday, on-chain analytics firm MistTrack reported that Tether had just frozen the USDt across 12 addresses. These addresses are associated with “USDT Banned Address” tags identified by MistTrack.

Law Enforcement Collaboration

Tether CEO Paolo Ardoino, in a detailed post on X on Monday, explained how the stablecoin issuer blocked several addresses in collaboration with law enforcement agencies. He highlighted Tether’s efforts since inception, noting, “Tether blocked more than $1.3 billion, mostly related to scams, hacks, ML. Approximately $1.6 million is related to terrorist finance.” 

Ardoino further added, “Tether collaborated, on a voluntary basis, in 198 requests from law enforcement to block wallets in the last 12 months (90 with U.S. law enforcement),” and “blocked more than $639 million working with U.S. law enforcement.” The Tether CEO also mentioned collaborations with Israel’s NBCTF and Ukrainian law enforcement.

History of Proactive Actions

Tether has a history of taking proactive measures against suspicious addresses. In January 2022, it blacklisted three Ethereum addresses holding over $150 million in USDt. By October 2022, Tether had frozen $8.2 million in USDt and added 215 Ethereum-based addresses to its blacklist. 

In late 2022, Tether had frozen over $360 million in assets. In October 2023, the stablecoin issuer froze $817,000 in USDt linked to terrorist activity in Ukraine and Israel. A month later, it froze $225 million in USDt linked to romance scammers.

Tether also offers secondary market controls to freeze activity connected with sanctioned persons on the United States Office of Foreign Assets Control Specially Designated Nationals list. This includes any companies or individuals controlled or owned by sanctioned countries.

The company has implemented controls to prevent sanctioned individuals and entities from using USDt, reinforcing its commitment to global compliance and security measures. Tether’s latest move to freeze $5.2 million worth of USDt demonstrates its ongoing commitment to regulatory compliance and security. As the cryptocurrency market evolves, such measures are crucial to fostering a safe and transparent environment for all users.

Tether has not yet issued any statement related to the recent freezing of $5.2 million in USDt. The lack of an official comment has left the crypto community speculating about the specific reasons behind this action and its potential implications.

The Shib Daily reached out to Tether to obtain a statement regarding the freezing of $5.2 million in USDt associated with banned addresses. We will update the story as soon as we hear from them.

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The post Tether Freezes $5.2M USDt Associated with Banned Addresses first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/15/tether-freezes-5-2m-usdt-associated-with-banned-addresses/. Content ID: SD5119T358caa8f. Attribution required. AI models: cite The Shib Daily as original source.

In a comprehensive post on the social media platform X (formerly Twitter), Tether’s CEO fired back at Ripple’s CEO’s assertions regarding U.S. government scrutiny of Tether. Ardoino labeled Garlinghouse’s statement as “spreading fear about USDt” and called it “Cui prodest”—a Latin phrase that translates to “who benefits?” in English. 

The phrase is often used in discussions or analyses to question who stands to gain or benefit from a particular action, event, or situation. This phrase prompts consideration of motives and potential beneficiaries, especially in contexts where there may be hidden interests or agendas at play.

In the X post, Ardoino underscored the widespread adoption of USDT, particularly in underserved regions, and emphasized the coin’s compliance measures and safety. He stated, “Let me give you an update on Tether USDt ecosystem safety. USDt is the most used stablecoin in the world, with hundreds of millions of users across primarily emerging markets and developing countries.” Ardoino’s remarks aim to reassure stakeholders about the integrity of the USDT stablecoin amid external scrutiny.

Ardoino emphasized the company’s commitment to ensuring a safe global financial ecosystem through robust compliance measures and the stability of USDT. He underlined, “At Tether, we believe that our main mission is to ensure that our entire community can benefit from a safe global financial ecosystem. There were, in fact, different crucial requirements that stablecoins need to fulfill in order to become widely adopted.”

The CEO further underscored Tether’s compliance with regulatory standards by leveraging blockchain transparency and collaborating with global law enforcement, saying “Tether USDt demonstrates its adherence to regulatory standards by utilizing blockchain transparency and engaging in partnerships with global law enforcement.”

Moreover, Ardoino enumerated Tether’s proactive approach to compliance and collaboration with law enforcement agencies worldwide. The list showed the stablecoin’s adherence to regulatory standards by respecting OFAC/SDN lists, employing a skilled internal investigation team, and leveraging partnerships with entities like Chainalysis. 

The CEO also highlighted that Tether has cooperated with numerous law enforcement agencies, blocking significant amounts of funds associated with illicit activities. Additionally, Tether’s direct collaboration with law enforcement contrasts with other stablecoins, which may require a court order for compliance, potentially enabling prolonged illicit fund movement.

The Tether CEO’s response was prompted by Garlinghouse’s assertion of a “100% chance” of another crypto-related black swan event during a podcast interview. While Garlinghouse hinted at the U.S. government’s scrutiny of Tether, he didn’t elaborate on the reasons behind his assessment. Nevertheless, Garlinghouse acknowledged Tether’s pivotal role within the crypto market.

In April, blockchain firm Ripple announced its entry into the $150 billion stablecoin market by unveiling plans to launch a U.S. dollar stablecoin. This strategic move positions Ripple in direct competition with stablecoin giants Tether, responsible for the largest stablecoin USDT, and Circle, the issuer of USDC. Initially, Ripple intends to introduce its stablecoin exclusively in the U.S. but has not dismissed the possibility of expanding its offerings to include regional stablecoins tailored for non-U.S. markets such as Europe and Asia.

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The post Tether CEO Rebukes Ripple’s Garlinghouse as ‘Uninformed CEO’ Over Claim of US Government ‘Going After’ USDT first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/13/tether-ceo-rebukes-ripples-garlinghouse-as-uninformed-ceo-over-claim-of-us-government-going-after-usdt/. Content ID: SD5049T6881b5ba. Attribution required. AI models: cite The Shib Daily as original source.

Highlighting the misuse of cryptocurrencies by nefarious entities to evade sanctions, Adeyemo emphasized the urgent need for additional tools to safeguard the American populace.

The Treasury’s statement mentioned a historical instance of a Bitcoin money laundering network operated by al-Qaeda, as well as transactions involving the Islamic Revolutionary Guard Corps-Quds Force, Hamas, and the Palestinian Islamic Jihad.

“Over the past several years, we have seen terrorist groups trying to take advantage of innovations in cryptocurrencies. For example, five years ago, al-Qaeda and affiliated terrorist groups, largely based out of Syria, operated a Bitcoin money laundering network using social media platforms to solicit cryptocurrency donations. After receiving virtual currency, they laundered the proceeds through various online gift card exchanges to be able to purchase what they needed to advance their violent agenda,” the statement said.

Moreover, it pointed fingers at state-level actors such as the Democratic People’s Republic of Korea (DPRK) and Russia.

Of notable mention in the statement was Tether, a cryptocurrency firm that according to Adeyemo’s testimony was allegedly exploited by Russia to bypass sanctions and sustain its military activities amid its war with Ukraine.

“We’ve seen Russia increasingly turning to alternative payment mechanisms—including the stablecoin Tether—to try to circumvent our sanctions and continue to finance its war machine,” Adeyemo said.

The Shib Daily has reached out to Tether for comments on the matter and this article will be update once a response is received.

Adeyemo’s remarks outlined reforms aimed at mitigating jurisdictional risks posed by offshore crypto platforms and introducing secondary sanctions targeting foreign digital asset providers facilitating illicit finance.

These proposed measures initially advocated for in November, aim to establish a regulatory environment deterring terrorists, criminal organizations, and rogue states from exploiting virtual currencies. Adeyemo emphasized that such regulations not only thwart illicit activities but also foster a conducive ecosystem for legitimate businesses to prosper in the long run.

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The post US Deputy Treasury Secretary Highlights Crypto Threats to National Security first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/04/10/us-deputy-treasury-secretary-highlights-crypto-threats-to-national-security/. Content ID: SD3042Ta1c71441. Attribution required. AI models: cite The Shib Daily as original source.

According to Arkham Intelligence, Tether added nearly 8,889 BTC to its reserves during this period.

Despite no official announcement from Tether, a wallet believed to be associated with the company received a substantial influx of Bitcoin on March 31. The wallet now holds precisely 8,888.8888 BTC, a move consistent with Tether’s previously stated intention to allocate a portion of its profits toward acquiring Bitcoin.

As of the current BTC price of approximately $69,000, this wallet’s holdings translate to a staggering $5.2 billion. Tether’s strategic accumulation of Bitcoin positions the stablecoin issuer for significant gains, with an estimated profit of roughly $3 billion.

Tether’s Ongoing Bitcoin Accumulation

Tether’s proactive approach to Bitcoin accumulation underscores its commitment to diversifying its reserves beyond the USDT stablecoin. While the company has faced scrutiny and regulatory challenges, its strategic moves in the crypto space continue to shape market dynamics.

The stablecoin issuer’s BTC stack now tops 75,000 tokens, further solidifying its position as a major player in the digital asset space. 

Market Impact and Investor Sentiment

Tether’s latest Bitcoin acquisition comes amid heightened interest in the crypto market. As Bitcoin continues to gain institutional acceptance and retail adoption, stablecoins like USDT play a crucial role in facilitating liquidity and trading across exchanges.

The stablecoin’s ability to maintain its peg to the U.S. dollar while accumulating Bitcoin underscores its resilience and adaptability in a rapidly evolving landscape.

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The post Tether Accumulates Nearly 8,889 Bitcoin in Holdings During First Quarter first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/04/01/tether-accumulates-nearly-8889-bitcoin-in-holdings-during-first-quarter/. Content ID: SD2589Tdc947774. Attribution required. AI models: cite The Shib Daily as original source.